Canada’s crypto space continues to grow significantly as the country marks yet another milestone in adoption.

This week, Evolve Funds Global Group Inc., a financial services firm in the county, secured approval for a Bitcoin exchange-traded fund (ETF)

Official documents have shown that the Ontario Securities Commission (OSC), Canada’s financial regulator, has approved Evolve's launch of its ETFs, providing additional exposure to investors looking to get into the crypto market.

A receipt published yesterday also showed that the company had partnered with Cidel Trust Company, a subsidiary of Cidel Bank Canada, to provide custody, while the Gemini Foundation will be a sub-custodian.

Evolve only filed the prospectus for its ETF earlier this month. Per the filing, the ETF will have two ticker symbols – EBIT for Canadian-denominated units, and EBIT.U for American-denominated units. Both variants will provide exposure to daily price movements of Bitcoin in the respective country’s fiat currency.

The fund will track price data using the Bitcoin Reference Rate from CF Benchmark, which aggregates data from several BTC/USD markets into a single-day benchmark index.

The fund’s prospectus explained that it hopes to provide holders to price movement while reducing tracking error by using specific creation and redemption processes.

To achieve this goal, the fund will invest in long-term BTC holdings purchases through several platforms – including Gemini NuSTAR LLC. Evolve has also gotten conditional approval to list on the Toronto Stock Exchange (TSX).

The fund is available in all of Canada’s provinces and three territories.

Evolve’s fund is only the second ETF to be approved by the OSC this month. Last week, the agency greenlit the Purpose Bitcoin ETF, an investment vehicle from Toronto-based investment firm Purpose Investments. The fund will offer units denominated in USD and CAD, with a 0.75 percent management fee. Like the Evolve fund, it also plans to list units on the TSX.

“The ETF will be the first in the world to invest directly in physically settled Bitcoin, not derivatives, allowing investors easy and efficient access to the emerging asset class of cryptocurrency,” Purpose Investments said in its announcement.

Over in the United States, there is some hope that the new administration – and, by extension, new head at the Securities and Exchange Commission (SEC) – will be more welcoming of a Bitcoin ETF.

This year, crypto investment firm Bitwise Asset Management filed for an ETF with the SEC, hoping to make it through for the third time. New York Digital Investment Group (NYDIG), a crypto-focused investment fund, has also made a similar application, with investment banking giant Morgan Stanley acting as an authorized participant.

While several ETF applications have come and gone, none has passed through the SEC’s iron barrier. However, with the new administration showing a propensity towards progressive crypto policies, the anticipation of approval is high.

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